KfW IPEX-Bank is financing seven Vestas V126-3.45 MW wind turbines for Parque Eólico del Sur, a subsidiary of US company Pan American Energy, and its partner 3 G.A.L. The corporate finance loan amounting to USD 21.8 million enables the client to purchase the seven turbines, and it covers the local costs incurred in connecting them to the national grid.
Danish export credit agency EKF has provided cover amounting to 95% of the loan. Wind turbine manufacturer Vestas is to build the installations in the town of Florentino Ameghino in the coastal province of Chubut. During the first round of bidding in the “RenovAr” programme, Parque Eólico del Sur entered into a long-term power purchase agreement with CAMMESA (Compañía Administradora del Mercado Mayorista Eléctrico). Under the RenovAR programme, the Argentinean government awards long-term contracts for the generation of power using renewable energies. This is aimed at meeting the target of covering 20 percent of the energy demand using renewable energies by 2025. The current figure sits at two percent.
By financing this wind farm in Argentina, KfW IPEX-Bank is not only supporting the export of green technology from Europe, but is also making a contribution to global climate and environmental protection.
Original source: KfW
Published on 15 December 2017
